EUR/JPY Technical Analysis: Decline Below 138.00 Ahead?

| 11 juni, 2015 | 0 kommentarer

To receive Ilya’s analysis directly via email, please SIGN UP HERE

Talking Points:

  • EUR/JPY Technical Strategy: Flat
  • Support: 137.51, 135.33, 133.56
  • Resistance:138.86, 141.04, 142.51

The Euro broke narrowly lower against the Japanese Yen, with positioning hinting a move below the 138.00 figure is ahead. Near-term support is at 137.51, the 23.6% Fibonacci retracement, with a break below that on a daily closing basis exposing the 38.2% level at 135.33. Alternatively, a turn back above the 14.6% Fib at 138.86 opens the door for a challenge of the June 4 high at 141.04.

The available trading range is too narrow to justify entering a trade on the long or short side from a risk/reward perspective. With that in mind, we will remain flat for now, waiting for price action to offer a more compelling opportunity down the road.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

EUR/JPY Technical Analysis: Decline Below 138.00 Ahead?

— Written by Ilya Spivak, Currency Strategist for DailyFX.com

Taggar: ,

Kategori: Analys från DailyFX

Om skribenten ()

DailyFX från FXCM ger dig dagligen färska tekniska analyser på valuta och råvaror. FXCM är en ledande handelsplattform för trading av finansiella tillgångar med kraftfulla verktyg för alla sorters handel.

Lämna ett svar

E-postadressen publiceras inte. Obligatoriska fält är märkta *